HomeMy WebLinkAbout20066-XI
E
ORDINANCE NO. 20,066 -X
3 AN ORDINANCE TO EXPRESS THE INTENT OF THE CITY OF LITTLE ROCK,
4 ARKANSAS TO ISSUE REVENUE BONDS AND TO REIMBURSE FROM THE
5 PROCEEDS OF THOSE REVENUE AND BONDS PRELIMINARY COSTS INCURRED
6 IN THE CONSTRUCTION, EQUIPPING, IMPROVEMENT, EXPANSION AND
7 ACQUISITION OF VARIOUS REAL PROPERTY, FIXTURES AND EQUIPMENT
8 RELATED TO THE CONSTRUCTION OF A MANUFACTURING AND DISTRIBUTION
9 FACILITY PROJECT LOCATED WITHIN THE CITY AT THE PORT OF LITTLE
10 ROCK; AND SETTING FORTH OTHER MATTERS PERTAINING THERETO.
12 WHEREAS, the City of Little Rock, Arkansas (the "City") is authorized under the Constitution and
13 laws of the State of Arkansas, including particularly Arkansas Code Annotated Sections 14- 164 -201 et
14 seq. (2004 Repl.; Supp. 2008) (the "Act') to finance the construction, expansion, and equipping of
15 manufacturing and distribution buildings, improvements, and facilities; and
16 WHEREAS, the City intends to finance the construction, expansion, and equipping of manufacturing
17 and distribution buildings, improvements, and facilities at the Port of Little Rock (the "Project')
18 operated by Novus International, Inc. (the "Company") in the City through the issuance of industrial
19 development revenue bonds (the 'Bonds'); and
20 WHEREAS, the City intends that prior to the issuance of the Bonds certain costs relating to the
21 Project will be incurred and paid from certain funds and accounts established and administered by the
22 Company; and
23 WHEREAS, the City and Company wish to express their current intent to reimburse certain funds
24 and accounts for all expenditures related to the Project, including the acquisition of various identified
25 in this Ordinance, from the proceeds of the Bonds; and
26 WHEREAS, the City intends to issue bonds pursuant to definitive ordinance to be subsequently
27 adopted for this purpose in an amount not to exceed $40,000,000 with respect to the Project; and
28 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK,
29 ARKANSAS
30 Section 1. Description of the Project. The City currently contemplates that the Project will
31 include the construction, equipping, and expansion of manufacturing and distribution buildings,
32 improvements, and facilities located in the City at the Port of Little Rock and operated by the
33 Company. The Project will also include the costs of issuing such bonds, funding capitalized interest, if
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(the "Bonds "), in an amount not to exceed $40,000,000, for the purposes of financing the costs
of the Project and the costs of issuance related thereto. It is contemplated that the Bonds (i)
will be issued pursuant to a trust indenture, and (ii) may be issued in one or more series. No
such Bonds will be issued until the final terms of the proposed issuance have been presented to
and approved by the City pursuant to an Ordinance.
Section 3. Intent to Reimburse Expenditures. Costs incurred in accomplishing the
Project prior to the issuance of the Bonds will be paid from the Project Account. The City
intends to use certain proceeds from the issuance of the Bonds to reimburse the Project
Account.
Section 4. Severability. In the event any title, section, paragraph, item,
sentence, clause, phrase, or word of this ordinance is declared or adjudged to be invalid or
unconstitutional, such declaration or adjudication shall not affect the remaining portions of the
ordinance which shall remain in full force and effect as if the portion so declared or adjudged
invalid or unconstitutional were not originally a part of the ordinance.
Section 5. Repealer. All ordinances, resolutions, bylaws, and other matters
inconsistent with this ordinance are hereby repealed to the extent of such inconsistency.
PASSED: February 3, 2009
APPROVED AS TO LEGAL FORM:
6 Vey �
VI.iL
Thomas M. Carpenter, City A
a
Mark Stodola, Mayor
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